Friday, March 22, 2013

AUGUST 2, 1100 – BEGINNING OF THE REIGN OF KING HENRY I OF ENGLAND

1100 – BEGINNING OF THE REIGN OF KING HENRY I OF ENGLAND
About 1100 AD, the King ordered the creation of a unique form of money. Made of
wood, the currency was called “Tally Sticks.” They were polished sticks of wood
declared by the Sovereign King to be good for the payment of taxes. The sticks
were used as money by England
for 726 years – included the period of the British Empire.
It may be no coincidence that shortly after the Bank of England (a private
entity) was established in 1694, it attacked the Tally Stick system.
Nevertheless, the Sticks were accepted as money for another 150 years, until
1854.